January 4

Top Tips to Lower Your Insurance Premiums

​Home insurance for your Charlotte NC home - expensive but necessary

​It is exciting to own a new home, but in the process of acquiring it, many homeowners forget the additional costs that go with it - home insurance.

​Home insurance is pricey, but it is something you cannot do without.

Home Insurance for your Charlotte NC home

Over the years, the cost of home insurance premiums has risen. Just in the past decade, we have seen a 50% inflation of home insurance cost on a national level.

​The rising cost is to be expected since home and property values increase each year, and insurance companies try to keep up with the repair and replacement costs. On top of your mortgage, food, education and all other costs, a high insurance premium can be a burden. 

​Best tips to save on your home insurance

​Here are ways you can lower your insurance premium for your Charlotte NC home without losing the benefits it provides.

Shop around. If you don't have a home insurance policy yet, take the time to shop around. Inquire from different home insurance providers. Compare the rates and benefits before making a decision. Why take out a home insurance from your mortgage provider when there are cheaper deals available? 

While you're at it, ask your agent about insurance discounts. If your home has a smoke detector and a security system, you're eligible for a discount.

Increase your deductible. Deductibles are things you can pay out of your own pocket while waiting for the insurance to pay the claim. Check your insurance for items you are willing to pay for should you suffer a loss. You want your insurance to cover items that you cannot pay for yourself like fixing your home's structure and contents.

Don't over-insure. Over insuring is a waste of money. Check your insurance policy for things you don't need. For example, if you don't own any expensive jewelry, don't include the jewelry floater on your policy.

Keep your insurance coverage up to date. In line with tip numbers 2 and 3, review your insurance policy each year. If your financial circumstances change, match your insurance premiums with your needs. In Charlotte NC and in many other parts of the US, flooding is the number 1 natural disaster. Installing flood openings, elevating your home, and elevating your utilities above ground level will help lower your insurance cost. 

If you happen to live in a flood-prone area, consider adding flood insurance. Regular home insurance does not cover damage by flood, so flood insurance can save you thousands.

Waterfront home

Improve your home security. If you already have an existing policy, you can reduce its cost by adding improvements to your ​Charlotte NC property. 

Installing window shutters, roof clips, hurricane proof doors, fortifying your garage door, waterproofing your deck, and getting rid of tall trees next to your home are some possible options you can reinforce your home.

​​​Combine your policies. Consider transferring your car insurance policy to the company where you got your home insurance. This is so you can get a discount that many insurance companies offer if you purchase two or more insurance policies from them. 

These are just some things you can do to lower your insurance premiums. I still have plenty of suggestions. Call me, Nancy Braun, at (704) 997-3794 and we can discuss ways you can get low insurance premiums for your Charlotte home.


Tags

Annual Insurance Premiums, Article, Charlotte Real Estate


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